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How to Find Out if You Have Suspended Passive Losses [Tax Smart Daily 049]

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If you're a rental real estate investor and you're wondering if you have suspended passive losses, you can look at a special form in your tax returns that will show you the exact amount of suspended passive losses that you are carrying forward from your rental real estate activities.
In today's video, Brandon will dive into suspended passive losses by sharing a client's story and doing a walkthrough on how to find suspended passive losses in form 8582.
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Опубликовано:

29 авг 2024

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Комментарии : 33

@nguye1971 16 дней назад

Thanks for your tutorial. Great point

@alexzheng9841 4 месяца назад

Thank you so much for the detailed instructions. I am glad that my accountant didn't mess up my carry-forwards. In Canada, we can check all the important carry-forward amounts from the Canada Revenue Agency's online system. I am disappointed that the IRS doesn't have something similar, and the only way I can find the information is through the previous year's tax return files I mailed out.

@SinanDM 3 года назад

Thank you so much for going over form 8582. No CPA has ever gone through such length to explain the details in the form. I am sure we all benefit greatly from this video. Thanks

@TheRealEstateCPA 3 года назад

Glad it was helpful!

@SmithCommercial 2 года назад

Thank you so much, Brandon. I've owned rental properties for a few years and never knew how suspended passive losses worked. I find your videos incredibly helpful, and although the content is complex, you make it easy to understand. I'm a big fan!

@roberttamm131 7 месяцев назад

Great info. What if the passive loases for rentals were NOT carried forward due to an error for a couple years? Amend returns or can something else be done?

@drjag2 7 месяцев назад

Thank you for your videos about passive activity losses. Unfortunately, I have not found nor been able to obtain from anyone information about what form to use to offset a gain from sale of a rental property with suspended passive activity losses. What form is used? I do not see anywhere on the 8582 form to show a gain from sale with an offset of passive activity losses. Would it be done on the form where the sale is reported? Then also how would one make an entry on the 8582 to show the reduction of the PAL and the remainder to be carried forward. And, if all of the PAL from the property sold is not used, I assume that property would remain on the 8582 for future years (even though there is no rental activity because the property is no longer owned) to carry the suspended PAL forward until it is used in connection with the sale of other properties in the future. I would greatly appreciate your direction on this as it does not appear to be addressed anywhere. Thank you!

@sixfigure1293 Год назад

This is the most insightful video in going over Form-8582 step by step! Thank you so much for the incredible information.

@J9felineLove Год назад

Does this also apply to a 1041?

@dc1776 5 месяцев назад

When I switched from turbo tax CD program to turbo tax online it didn’t carry over my passive loss. It’s been 3 years and I am now seeing. How do I correct the total carryover passive loss? Thank you kindly. Enjoyed your video

@bobhammell6308 Год назад

Really good info, thanks for spelling this all out

@jmarino55555 3 года назад

I love these guys!

@TheRealEstateCPA 3 года назад

Thank you!

@roberttl4968 5 месяцев назад

Thank you so much. I have a situation, where I have suspended passive losses and selling my rental property at a loss, can I claim the suspended loss in addition to the loss from a sale of the rental property?

@LIGHTSUN1 9 месяцев назад

Thankyou for the video can i ask is there suppose to be a form 8582 with every sch e meaning if I have 2 properties there was a loss on 1 and a gain on the other leaving a gain of $980 would there still be a form 8582 showing the gain?

@shubpatel1091 11 месяцев назад

Can my passive losses (limited partner in apartments), carried forward from 2021 to 2022 be used to offset capital gain from selling one apartment complex in 2022? thanks

@DavidBrubeck 3 года назад

thanks interesting video. In my case line 4 is the correct number because after worksheet 6 I have more unallowed losses on worksheet 7 which added together equal line 4.

@TheRealEstateCPA 3 года назад

Thanks for sharing!

@TheScipio60 3 года назад

Terrific job, Brandon. No CPA has ever been this clear or concise. Question: I sell a rental property at a large profit. In the same year, I invest with several syndications who do aggressive cost depreciation creating large passive losses. Will those passive losses offset the capital gains on the sale of my rental property? Under what conditions? I've reached out to your team, but haven't heard back yet. If I can get a clarifying answer on this, there's a whole series of tax strategies I'd like to pursue going forward with your counsel. Thanks again for the terrific content and value add.

@TheRealEstateCPA 3 года назад

Thank you for the kind words! Passive losses can offset gain on sale from a passive activity, so yes that can work. Email us at contact@therealestatecpa.com if you still haven't heard from us.

@reinaellis9695 Год назад

Thank you so much for this! I still have questions about whether I can use my unallowed losses to offset capital gains or any other taxes when I sell my rental property. Can you please clarify that?

@binhvong5297 Год назад

Should rental QBI losses be similar to rental PAL(8582)? Are the QBI losses also ratio allocated between the rentals like PAL? Thanks for your video, very informative, cheers.

@ezyryder11 2 года назад

If you’re counting on those suspended passive losses to offset your capital gain, but some of the losses are from depreciation, then depreciation recapture can be an issue, right? So the passive losses don’t cancel out the gain super neatly

@cliff1127 3 года назад

Great video. Can you clarify where the -$44,000 (Line 4) should be reflected in the following year's tax return?

@TheRealEstateCPA 3 года назад

It will show up on 1(c) or 3(c)... prior year carryover.

@JohnDoe-pe6iu 2 года назад

Can you use the unallowed losses from 8582 to offset annuity income from my investment?

@JohnDoe-pe6iu 2 года назад

Thanks for the great video. I would like to get clarification on one scenario. I am single and have owned one rental property for over 15 years. I have accumulated carry forward passive losses of 126k. I was not able to claim any of our passive losses due to income exceeding $150K annually when I was working. I have recently retired and now my income can be less than 100k. My question is: Can I now deduct up to 25k each year from both current and past carry forward passive losses as long as my income is below $100K annually?

@ajbachmann5394 3 года назад

Can you use the unallowed losses from 8582 to offset short term and/or long term gains from stocks?

@TheRealEstateCPA 3 года назад

Not from Form 8582. When you sell a passive activity at a loss, it may be considered a capital loss which would be able to be used against stock gains.

@asifrajwani123 2 года назад

Can I use suspended passive losses to offset all the gains when real estate is sold (1231, 1245, 1250) or it can only be used for 1231 gains.

@israelmak4599 3 года назад

If I have significant financial loss from stock investment, would that affect me to get the loan for the next two years based on the average of my two years tax returns?

@TheRealEstateCPA 3 года назад

I'm not sure. We haven't seen this specifically cause issues with lenders but that doesn't mean it won't.